3 October 2024
National Grid plc
Pre-Close Update ahead of 2024/25 Half Year Results
National Grid today issues a pre-close update for the six months ended 30 September 2024 ahead of announcing half year results on 7 November. Overall, the group’s performance is in line with our expectations and, as usual, underlying EPS is expected to be weighted to the second half of the year.
Contribution to operating profit is expected to be consistent with historical periods:
· In UK Electricity Transmission and UK Electricity Distribution, we anticipate operating profit to be broadly evenly split across the year. We expect an additional c.£70 million contribution from the Electricity System Operator compared to guidance, reflecting ownership and held for sale accounting treatment up to 30 September 2024.
· In our US regulated businesses, operating profits are expected to be weighted to the second half. This includes our New York business where operating profit weighting is expected to be more typical of historical trends than the same period last year (H1 of FY24 was impacted by an environmental provision charge).
· In NG Ventures we anticipate a roughly 40:60 weighting for operating profit between the first and second half.
We expect a more even split of interest costs between the first and second half of the year and a weighted average number of shares for the first half of 4,526 million, taking into account the effect of the rights issue on net debt and our issued share capital.
Notes:
‘Underlying’ represents statutory results from continuing operations, but excluding exceptional items, remeasurements, major storm costs (when greater than $100 million), timing and the impact on underlying results of deferred tax in UK Electricity Transmission and UK Electricity Distribution.
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